Deals with abandoned property and imposes rules on creditors
Two pieces of legislation dealing with abandoned property and credit unions, which were both authored by Rep. Woody Burton, passed out of the Indiana House today.
House Bill (HB) 1238 will help expedite the foreclosure process by allowing a creditor in a residential mortgage to petition the court to find that the property is abandoned. At any time, however, the debtor is allowed to present evidence that the property is not vacant or abandoned.
“Abandoned and vacant homes may be an attraction for crime and may be an eye-sore on the community, which is why it is so important to expedite the foreclosure process in order to help homes and business properties to get back on the market,” said Rep. Burton.
“With HB 1238, foreclosure and abandonment action may occur simultaneously to eliminate some difficulties that communities are currently experiencing during this process.”
HB 1238 passed unanimously through the Indiana House.
HB 1239, which passed out with a 93-1 vote, deals with financial institutions and consumer credit. More specifically, HB 1239 would allow the Department of Financial Institutions to impose a regulation, rule, or policy to allow credit unions to purchase and hold certain life insurance policies, while also establishing a procedure for revoking licenses held by pawnbrokers, money transmitters, and check cashers.
The above legislation will now head to the Senate for further discussion.
